Posted by: Rick | Wednesday, January 2, 2013

Betrayal

Look, I don’t expect anything from Republicans. If you’re not a “job creator” or a teabagger, they don’t even know you exist. But Democrats are supposed to look out for the little guy.

And yet:

If you have a pre-tax income of $50,000 per year, the fiscal-cliff deal means that you will pay about a thousand dollars more in payroll taxes in 2013. If your income is $114,000, you will pay about two thousand two hundred and seventy-four dollars more. And if you earn a million dollars you will pay—also two thousand two hundred and seventy-four dollars. There is a cap, which means that the working poor and middle class pay a higher proportion of their income than the rich. And the richer one gets, the greater the unfairness.

This sucks. Obama, Biden and their minions have a lot of explaining to do.

A lot of explaining.

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Responses

  1. I can do the explaining in case Obama or Biden don’t follow your blog: the payroll tax is 6.2% tax we pay into Social Security, on the earned income up to about 100k (the exact amount changes every year). Last year, or two years ago, don’t remember exactly, the tax rate was brought down temporarily to 4.2% as a stimulus measure. It was scheduled to expire 1/1/13, and it did. So we are now simply back to the decades-old arrangement, after the government gave us an extra tax break in 2012 and 2011. And we can’t keep paying 4.2% for Social Security instead of 6.2% from now on, and expect it to pay us the same amount of benefits at retirement.


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